Earning its spot on the IBD Breakout Stocks Index and the IBD Big Cap 20, Pinterest soared to more than a 21% one-day gain after posting 150% earnings growth on April 30. And after flying past one buy point on that move, Pinterest stock is now offering investors a second opportunity as it climbs into another buy zone.
The visual-centric social media platform has bounced back from a deep slump in 2021 and 2022.
From a dismal 24 Composite Rating at the end of April 2022, Pinterest stock has roared back to its current score of 98. The 98 Composite Rating shows Pinterest is now outpacing 98% of all companies in terms of the most important stock-picking factors.
Three quarters of rising fund ownership and a B Accumulation/Distribution Rating confirm demand for Pinterest. Plus, 36 funds with an A+ rating from IBD own shares.
See Who Joins Pinterest On The IBD Breakout Stocks Index
Missed One Breakout? Pinterest Stock Presents Another
On April 30, Pinterest posted blowout earnings of 20 cents a share, marking a 150% gain over the prior-year quarter. That topped consensus analyst estimates by over 48%. Revenue rose 23% to $740 million.
The positive report ignited Pinterest stock, which gapped up to bolt past a trendline entry. The move also propelled the social media leader back above and well beyond its 50-day moving average. The March 26 high at 37.27 may also have been used as an entry.
While now extended from that trendline entry, Pinterest offers a new buy place to get in: a first-stage cup pattern with a 41.60 buy point.
After clearing that entry last week, Pinterest stock remains in buy range. On Wednesday, shares of PINS rose 1% to 42.43.
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Follow Matthew Galgani on X, formerly Twitter, at @IBD_MGalgani.
